Two Adani Group companies have raised about USD 275 million through foreign currency loans, continuing the conglomerate’s overseas borrowing spree, Bloomberg reported.
Adani Airport Holdings secured USD 150 million via a syndicated loan, with participation from Barclays, DBS Bank, First Abu Dhabi Bank and Mitsubishi UFJ Financial Group, according to people familiar with the transaction. The facility, carrying a tenor of four years, was priced around 300 basis points over the secured overnight financing rate (SOFR). Proceeds will be used for capital expenditure and dollar bond buybacks.
Adani Ports and Special Economic Zone separately raised USD 125 million in a bilateral deal with Mitsubishi UFJ Financial Group. Bloomberg noted that the loan, also structured with a four-year tenor, was priced at about 215 basis points over SOFR.
Lenders’ willingness to extend fresh credit highlights their rising confidence in the conglomerate. In the past six months, Adani has signed new credit facilities worth more than USD 10 billion, equivalent to nearly one-third of its total debt. S&P Global Ratings recently revised the outlook on three Adani entities, citing improved access to funding.
Neither Adani Group nor the participating banks, including MUFG, Barclays, DBS and First Abu Dhabi Bank, commented to Bloomberg on the developments.
In June, Adani Airport Holdings’ Mumbai International Airport raised about USD 750 million from global investors led by Apollo Global Management Inc. for refinancing existing debt. The deal also permitted an additional USD 250 million for expansion and capital expenditure.
